VA Benefit Can Defray Long Term Care Costs

The recently released MetLife long term care market research study shed a lot of light on how challenging it is to make long term financial plans. The average annual cost for a yearlong stay in a private room in a nursing home went up by 4.6% in 2010 over 2009, reaching a hefty $83,585.

The charge for a year’s residence in an assisted living facility in the United States rose 5.2% from $37,572 to $39,516 on average. Industry analysts expect this upward trending to continue, so if you are making preparation for long term care that you may need some twenty years in the future it is hard to know exactly what to expect.

Many people, even those who have been successful, will need to utilize all resources that are available to them to meet these expenses. With this in mind, those who have served in the United States armed forces who need assistance with their day to day needs may be eligible for some financial help from the government in the form of the Veterans Aid & Attendance Pension.

We are all aware of the retirement pension that members of the military are entitled to after 20 years of service, but the Veterans A & A pension is something different. If you have served at least 90 days on active duty with a minimum of one of these days taking place during wartime you meet the length of service requirement.

Medically you have to provide evidence that you do in fact need living assistance, and there are some financial requirements as well. To be eligible for the Veterans Aid & Attendance pension your total assets can’t exceed $80,000. But, this does not include your home and your motor vehicles, so you have some flexibility to work with.

If you think that you may qualify, the proper course of action would be to contact the Veterans Benefits Administration to obtain detailed application information.

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